It is almost five years since bus and rail operator FirstGroup begged shareholders for £615m of cash. The deeply discounted rights issue in May 2013 was aimed at repairing a balance sheet straining under almost £2bn of debt after a US acquisition in 2007.
So, how much has changed? The company has not paid a dividend since the issue. Debt still hangs heavily around its neck, standing at £1.2bn in September, and is still the opening topic of conversation for investors.
That net debt tally does not tell the full story, as it is flattered by £384m of cash that First cannot touch — deposits on railway season tickets. So the real number is more like £1.6bn.
Tim O’Toole, the chief executive since 2010, has